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1. Taxed at vesting, not at grant
An RSU is a promise of future shares. In the Netherlands, nothing is taxed when RSUs are granted. The taxable moment is vesting — when the shares become unconditional and are delivered to you. The taxable amount is the fair market value on the vesting date, minus anything you paid to get the shares (usually zero).
That amount counts as ordinary wage (Box 1). Your employer processes it through Dutch payroll in the month of vesting and withholds loonheffing (wage tax + national insurance) — most employers do this via sell-to-cover: they sell just enough of your vested shares to pay the tax and deliver the rest to your brokerage account.
2. Which rate applies? Your top marginal bracket
Vested RSUs stack on top of your salary, so they're taxed at your marginal rate — the rate on your last euro of income. For 2026:
- €0 – €38,883: 35.75% (8.10% tax + 27.65% national insurance)
- €38,883 – €78,426: 37.56%
- Above €78,426: 49.50%
On a typical tech expat package (€90k salary + €40k vesting), the RSUs are mostly taxed at 49.5% before credits. That's the number to use when deciding whether to sell at vest or hold.
3. The 30% ruling shelters part of your RSUs
Vested RSUs are employment income, so the 30% ruling's tax-free allowance applies to them as part of your total wage — up to the 2026 WNT cap of €262,000. In practice this means 30% of your vest value is paid out as a tax-free allowance while you hold the ruling. On a €40,000 vest, that's roughly €12,000 of tax-free value per year — the single biggest lever on your RSU tax bill.
Note: from 1 January 2027 the ruling rate drops to a flat 27% for everyone.
4. After vesting: Box 3 wealth tax
Once vested, the shares are yours — and they're wealth. Every January 1st, the value of your total savings and investments above the €59,357 tax-free allowance (2026, per person) is subject to Box 3: 36% tax on a deemed return. There is no Dutch capital-gains tax on selling the shares themselves for regular investors — the shares are simply Box 3 wealth. (Substantial shareholdings of 5% or more fall under Box 2 instead, taxed at 24.5%/31% in 2026.)
Practical consequence: holding vested shares long-term in the Netherlands means paying yearly Box 3 tax on them. Many expats sell at vest and re-invest deliberately rather than accumulating single-stock exposure by inertia.
5. Moving countries mid-vest
If you were granted RSUs while working in one country and they vest after you've moved, two countries may claim taxing rights. Tax treaties (including the Netherlands–US treaty) allocate this, and foreign tax credits normally prevent true double taxation — but the paperwork is fiddly. Worth an advisor if a move is involved.
FAQ
Are RSUs taxed at grant or vesting?
At vesting. Grant is not a taxable moment in the Netherlands.
What rate do I pay on vested RSUs?
Your marginal Box 1 rate — usually 37.56% or 49.50% for tech salaries in 2026, before the 30% ruling effect.
How does sell-to-cover work?
Your employer sells enough vested shares at vesting to cover the wage tax withholding, and delivers the remaining shares to you.
Do I pay Box 3 on RSU shares?
Yes — after vesting they're wealth. Above the €59,357 allowance (2026), 36% tax on a deemed return applies each January 1st.
Does the 30% ruling really cover RSUs?
Yes. They're employment income, so the 30% tax-free allowance applies to salary + bonuses + vested RSUs combined, up to the €262,000 cap.